Page 28 - Policy Economic Report - November 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 14: Indian crude oil basket price in $ per bbl

78
76
74
72
70
68
66
64
62
60
58

Source - PPAC

• Indian crude basket price averaged $64.31 per barrel in November 2025, down by 1.0% on Month on
Month (M-o-M) and by 12.0% on a year on year (Y-o-Y) basis, respectively.

Oil production situation

• Non-DoC liquids production (i.e. liquids supply from countries not participating in the Declaration of
Cooperation) is forecast to grow by about 0.9 mb/d, y-o-y, in 2025.

• The main growth drivers are expected to be the US, Brazil, Canada, and Argentina. The non-DoC liquids
production growth forecast for 2026 remains at 0.6 mb/d, y-o-y, with Brazil, Canada, the US, and
Argentina once again as the main growth drivers. Natural gas liquids (NGLs) and non-conventional
liquids from countries participating in the DoC are forecast to grow by 0.1 mb/d, y-o-y, in 2025, to
average 8.6 mb/d, followed by a similar increase of about 0.1 mb/d, y-o-y, in 2026, to average 8.8
mb/d. Crude oil production by countries participating in the DoC decreased by 73 tb/d in October, m-
o-m, to average about 43.02 mb/d.
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